German discounter Lidl saw profits triple in its latest annual results, as it held onto its title as the UK’s fastest growing supermarket.
Pre-tax profits swelled to £156.8m for the year to 28 February, as operating profit jumped from £220.8m to £314.1m.
It pulled in a 7.9% overall sales boost during the year to £11.7bn, with £400m in revenue growth from shoppers directly switching from rivals as well as £500m from customer loyalty.
The retailer also saw 38m more shoppers over the period. Additionally, it invested almost £500,000 in upgraded and expanded infrastructure over the year.
The results come as Lidl has remained the UK’s fastest growing supermarket for more than two years.
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Lidl GB CEO Ryan McDonnell said: “Our results reflect the momentum we’ve built and the trust shoppers place in us. More households are choosing to shop with us more often, because we continue to deliver on our promise of outstanding quality at the lowest possible prices.”
“Over the last year we have continued to operate with our discounter efficiency at the heart of everything we do, all the while investing strategically in areas that will benefit our people, suppliers and communities.”
Earlier this month, Lidl placed 130 HR roles at risk of redundancy, as it planned to centralise human resources from its regional warehouses to its head office.
The grocery giant also unveiled a £435m warehouse investment in August on two of its sites in Leeds and London.
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